86432 Federal Register / Vol. 88, No. 238 / Wednesday, December 13, 2023 / Notices 

13 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3The Exchange proposes to define a ‘‘Monthly 

Options Series’’ in Options 4A, Section 2(l) to 

mean, for the purposes of Options 4A, a series in 

an options class that is approved for listing and 

trading on the Exchange in which the series is 

opened for trading on any business day and that 

expires at the close of business on the last business 

day of a calendar month. The Exchange proposes 

to re-letter the subsequent definitions in Options 

4A, Section 2. 

4As provided in proposed Options 4A, Section 

12(h)(2)(i), the Exchange may list Monthly Options 

Series for up to five currently listed option classes 

that are either index options or options on ETFs; the 

five Monthly Options Series include both index 

options and options on ETFs. 

5See Securities Exchange Act Release No. 98915 

(November 13, 2023), 88 FR 80356 (November 17, 

2023) (SR–Cboe–2023–049) (Order Approving a 

Proposed Rule Change To Adopt Monthly Options 

Series) (‘‘Cboe Monthly Approval Order’’). 6The Exchange notes this provision considers 

consecutive monthly listings. In other words, as 

other expirations (such as Quarterly Options Series) 

are not counted as part of the maximum, those 

expirations would not be considered when 

considering when the last expiration date would be 

if the maximum number were listed consecutively. 

For example, if it is January 2024 and the Exchange 

lists Quarterly Options Series in class ABC with 

expirations in March, June, September, December, 

and the following March, the Exchange could also 

list Monthly Options Series in class ABC with 

expirations in January, February, April, May, July, 

August, October, and November 2024 and January 

and February of 2025. This is because, if Quarterly 

Options Series, for example, were counted, the 

Exchange would otherwise never be able to list the 

maximum number of Monthly Options Series. This 

is consistent with the listing provisions for 

Quarterly Options Series, which permit calendar 

quarter expirations. The need to list series with the 

same expiration in the current calendar year and 

the following calendar year (whether Monthly or 

Quarterly expiration) is to allow market participants 

to execute one-year strategies pursuant to which 

they may roll their exposures in the longer-dated 

options (e.g. January 2025) prior to the expiration 

of the nearer-dated option (e.g., January 2024). 

7See proposed Options 4A, Section 12(h)(2)(ii). 

8See proposed Options 4A, Section 12(h)(2)(iii). 

9See proposed Options 4A, Section 12(h)(2)(iv). 

The Exchange notes this proposed provision is 

consistent with the initial series provision for the 

Quarterly Options Series program in Options 4A, 

Section 12(g). 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549 on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of DTC 

and on DTCC’s website (https://

dtcc.com/legal/sec-rule-filings.aspx). Do 

not include personal identifiable 

information in submissions; you should 

submit only information that you wish 

to make available publicly. We may 

redact in part or withhold entirely from 

publication submitted material that is 

obscene or subject to copyright 

protection. All submissions should refer 

to file number SR–DTC–2023–012 and 

should be submitted on or before 

January 3, 2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–27267 Filed 12–12–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99103; File No. SR–BX– 

2023–032] 

Self-Regulatory Organizations; Nasdaq 

BX, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Regarding Monthly 

Options Series 

December 7, 2023. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on November 

29, 2023, Nasdaq BX, Inc. (‘‘BX’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend the 

Rules at Options 4A (Options Index 

Rules) to adopt Monthly Options Series. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/nasdaq/rules, at the principal 

office of the Exchange, and at the 

Commission’s Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

forth in sections A, B, and C below, of 

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend 

Options 4A (Options Index Rules) to 

accommodate the listing of option series 

that would expire at the close of 

business on the last business day of a 

calendar month (‘‘Monthly Options 

Series’’).3 Of note, Nasdaq ISE, LLC 

(‘‘ISE’’) will separately file a rule change 

to adopt a Monthly Options Series for 

ETFs. BX’s Options 4 rules, which 

govern the ability to transact options on 

ETFs, incorporate by reference ISE’s 

Options 4 rules. This rule change 

proposes to amend BX’s index options 

rules to adopt a Monthly Options Series 

program. Pursuant to proposed Options 

4A, Section 12(h)(2)(i), the Exchange 

may list Monthly Options Series for up 

to five currently listed option classes 

that are either index options or options 

on ETFs.4 In addition, the Exchange 

may also list Monthly Options Series on 

any options classes that are selected by 

other securities exchanges that employ 

a similar program under their respective 

rules.5 The Exchange may list 12 

expirations for Monthly Options Series. 

Monthly Options Series need not be for 

consecutive months; however, the 

expiration date of a nonconsecutive 

expiration may not be beyond what 

would be considered the last expiration 

date if the maximum number of 

expirations were listed consecutively.6

Other expirations in the same class are 

not counted as part of the maximum 

numbers of Monthly Options Series 

expirations for a class.7 Monthly 

Options Series will be P.M.-settled.8

The strike price of each Monthly 

Options Series will be fixed at a price 

per share, with at least two, but no more 

than five, strike prices above and at least 

two, but no more than five, strike prices 

below the value of the underlying index 

or price of the underlying security at 

about the time that a Monthly Options 

Series is opened for trading on the 

Exchange. The Exchange will list strike 

prices for Monthly Options Series that 

are reasonably related to the current 

price of the underlying security or 

current index value of the underlying 

index to which such series relates at 

about the time such series of options is 

first opened for trading on the 

Exchange. The term ‘‘reasonably related 

to the current price of the underlying 

security or index value of the 

underlying index’’ means that the 

exercise price is within 30% of the 

current underlying security price or 

index value.9 Additional Monthly 

Options Series of the same class may be 


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10See proposed Options 4A, Section 12(h)(2)(v). 11See proposed Options 4A, Section 12(h)(2)(vi) 

(permissible strike prices for index options). 12The proposed rule change clarifies in Options 

4A, Section 12(a)(3) that index options have 

expiration months and weeks, which expirations 

may occur in consecutive weeks as specified in 

Options 3, Section 4A(h). This is merely a 

clarification, as Options 3, Section 4A(h) currently 

permits weekly expirations. 

13The Exchange also proposes to make nonsubstantive changes to Options 4A, Section 12(h)(1) 

and Options 4A, Section 12(h)(1)(ii) to reference 

standard options series and change current 

references to ‘‘monthly options series’’ to ‘‘standard 

expiration options series’’ (i.e., series that expire on 

the third Friday of a month), to eliminate potential 

confusion. The current references to ‘‘monthly 

options series’’ are intended to refer to those series 

that expire on the third Friday of a month, which 

are generally referred to in the industry as standard 

expirations. 

14The Exchange notes this would not prevent the 

Exchange from listing a P.M.-settled Monthly 

Options Series on an index with the same 

expiration date as an A.M.-settled Short Term 

Option Series on the same index, both of which 

may expire on a Friday. In other words, the 

Exchange may list a P.M-settled Monthly Options 

Series on an index concurrent with an A.M.-settled 

Short Term Option Series on that index and both 

of which expire on a Friday. The Exchange believes 

this concurrent listing would provide investors 

with yet another hedging mechanism and is 

reasonable given these series would not be identical 

(unlike if they were both P.M-settled). 

15See Options 4A, Section 12(h)(2)(vii)(C). 

16Pursuant to Options 4A, Section 10, exercise 

limits for index option contracts shall be equivalent 

to the position limits prescribed for options 

contracts with the nearest expiration date in 

Options 4A, Section 6 or Section 7. 

17This additional rule text will further clarify the 

current rule text for the existing Short Term Option 

Series and Quarterly Options Series programs in 

Options 4A, Section 12. 

open for trading on the Exchange when 

the Exchange deems it necessary to 

maintain an orderly market, to meet 

customer demand, or when the market 

price of the underlying security moves 

substantially from the initial exercise 

price or prices. To the extent that any 

additional strike prices are listed by the 

Exchange, such additional strike prices 

will be within 30% above or below the 

closing price of the underlying index or 

security on the preceding day. The 

Exchange may also open additional 

strike prices of Monthly Options Series 

that are more than 30% above or below 

the current price of the underlying 

security, provided that demonstrated 

customer interest exists for such series, 

as expressed by institutional, corporate, 

or individual customers or their brokers. 

Market-Makers trading for their own 

account will not be considered when 

determining customer interest under 

this provision. The opening of the new 

Monthly Options Series will not affect 

the series of options of the same class 

previously opened.10 The interval 

between strike prices on Monthly 

Options Series will be the same as the 

interval for strike prices for series in 

that same options class that expire in 

accordance with the normal monthly 

expiration cycle.11

By definition, Monthly Options Series 

can never expire in the same week as a 

standard expiration series (which expire 

on the third Friday of a month) in the 

same class expires. The same, however, 

is not the case with regards to Short 

Term Option Series 12 or Quarterly 

Options Series. Therefore, to avoid any 

confusion in the marketplace, the 

Exchange proposes to amend Options 

4A, Section 12(h)(2)(ii) to provide the 

Exchange will not list a Short Term 

Option Series in a class on a date on 

which a Monthly Options Series or 

Quarterly Options Series expires.13

Similarly, proposed Options 4A, Section 

12(b)(5)(b) provide that no Monthly 

Options Series may expire on a date that 

coincides with an expiration date of a 

Quarterly Options Series in the same 

index. In other words, the Exchange will 

not list a Short Term Option Series on 

an index if a Monthly Options Series on 

that index were to expire on the same 

date, nor will the Exchange list a 

Monthly Options Series on an index if 

a Quarterly Options Series on that index 

were to expire on the same date to 

prevent the listing of series with 

concurrent expirations.14

With respect to Monthly Options 

Series added pursuant to proposed 

Options 4A, Section 12(h)(2)(i) through 

(vi), the Exchange will, on a monthly 

basis, review series that are outside a 

range of five strikes above and five 

strikes below the current price of the 

underlying index or security, and delist 

series with no open interest in both the 

put and the call series having a: (i) strike 

higher than the highest strike price with 

open interest in the put and/or call 

series for a given expiration month; and 

(ii) strike lower than the lowest strike 

price with open interest in the put and/ 

or call series for a given expiration 

month pursuant to Options 4A, Section 

12(h)(2)(vii)(A). Notwithstanding this 

delisting policy, customer requests to 

add strikes and/or maintain strikes in 

Monthly Options Series in series 

eligible for delisting will be granted. In 

connection with this delisting policy, if 

the Exchange identifies series for 

delisting, the Exchange will notify other 

options exchanges with similar delisting 

policies regarding eligible series for 

delisting and will work with such other 

exchanges to develop a uniform list of 

series to be delisted, so as to ensure 

uniform series delisting of multiply 

listed Monthly Options Series.15

The Exchange believes that Monthly 

Options Series will provide investors 

with another flexible and valuable tool 

to manage risk exposure, minimize 

capital outlays, and be more responsive 

to the timing of events affecting the 

securities that underlie option contracts. 

The Exchange believes limiting Monthly 

Options Series to five classes will 

ensure the addition of these new series 

will have a negligible impact on the 

Exchange’s and the Options Price 

Reporting Authority’s (‘‘OPRA’s’’) 

quoting capacity. The Exchange 

represents it has the necessary systems 

capacity to support new options series 

that will result from the introduction of 

Monthly Options Series. 

The Exchange notes that Options 4A, 

Section 6, Position Limits for BroadBased Index Options, and Options 4A, 

Section 7, Position Limits for Industry 

and Micro-Narrow Based Index Options, 

will apply to Monthly Options Series. In 

Options 4A, Section 6(c) and Options 

4A, Section 7(c), Monthly Options 

Series will be aggregated with positions 

in options contracts on the same 

underlying security or index.16 This is 

consistent with how position (and 

exercise) limits are currently imposed 

on series with other expirations (Short 

Term Option Series and Quarterly 

Options Series). To that end, the 

Exchange proposes to make this clear by 

adding a sentence to Options 4A, 

Sections 6(c) and 7(c) that provides that 

‘‘Positions in Short Term Options 

Series, Monthly Options Series and 

Quarterly Options Series shall be 

aggregated with positions in options 

contracts of the same index.’’ 17

Therefore, positions in options within 

class of index, regardless of their 

expirations, would continue to be 

subject to existing position (and 

exercise) limits. The Exchange believes 

this will address potential manipulative 

schemes and adverse market impacts 

surrounding the use of options. 

The Exchange also represents its 

current surveillance programs will 

apply to Monthly Options Series and 

will properly monitor trading in the 

proposed Monthly Options Series. The 

Exchange currently lists Quarterly 

Options Series in certain ETF classes 

pursuant to Options 4, Section 5, which 

expire at the close of business at the end 

of four calendar months (i.e., the end of 

each calendar quarter), and has not 

experienced any market disruptions nor 

issues with capacity. The Exchange’s 

surveillance programs currently in place 

to support and properly monitor trading 

in these Quarterly Options Series, as 

well as Short Term Option Series and 

standard expiration series, will apply to 

the proposed Monthly Options Series. 

The Exchange believes its surveillances 


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18 15 U.S.C. 78f(b). 

19 15 U.S.C. 78f(b)(5). 

20 Id. 

21See Options 4, Section 5. As noted herein, ISE 

will file a rule change to amend Options 4, Section 

5 and BX’s Options 4 rules are incorporated by 

reference to ISE’s Options 4 rules. 

22See Cboe Monthly Approval Order; see also 

Options 4A, Section 6 regarding position limits for 

broad-based index options) and Options 4A, 

Section 7, Position Limits for Industry and MicroNarrow Based Index Options. Pursuant to Options 

4A, Section 10, exercise limits for index option 

contracts shall be equivalent to the position limits 

prescribed for options contracts with the nearest 

expiration date in Options 4A, Section 6 or Section 

7. 

continue to be designed to deter and 

detect violations of its Rules, including 

position and exercise limits and 

possible manipulative behavior, and 

these surveillances will apply to 

Monthly Options Series that the 

Exchange determines to list for trading. 

Ultimately, the Exchange does not 

believe the proposed rule change raises 

any unique regulatory concerns because 

existing safeguards—such as position 

and exercise limits (and the aggregation 

of options overlying the same index) 

and reporting requirements—would 

continue to apply. 

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) and the rules and regulations 

thereunder applicable to the Exchange 

and, in particular, the requirements of 

Section 6(b) of the Act.18 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 19 requirements that the rules of 

an exchange be designed to prevent 

fraudulent and manipulative acts and 

practices, to promote just and equitable 

principles of trade, to foster cooperation 

and coordination with persons engaged 

in regulating, clearing, settling, 

processing information with respect to, 

and facilitating transactions in 

securities, to remove impediments to 

and perfect the mechanism of a free and 

open market and a national market 

system, and, in general, to protect 

investors and the public interest. 

Additionally, the Exchange believes the 

proposed rule change is consistent with 

the Section 6(b)(5) 20 requirement that 

the rules of an exchange not be designed 

to permit unfair discrimination between 

customers, issuers, brokers, or dealers. 

In particular, the Exchange believes 

the introduction of Monthly Options 

Series will remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system by expanding hedging tools 

available to market participants. The 

Exchange believes the proposed 

monthly expirations will allow market 

participants to transact in the index 

options listed pursuant to the proposed 

rule change based on their timing as 

needed and allow them to tailor their 

investment and hedging needs more 

effectively. Further, the Exchange 

believes the availability of Monthly 

Options Series would protect investors 

and the public interest by providing 

investors with more flexibility to closely 

tailor their investment and hedging 

decisions in these options, thus 

allowing them to better manage their 

risk exposure. The Exchange believes 

the Quarterly Options Series Program 

has been successful to date and the 

proposed Monthly Options Series 

program simply expands the ability of 

investors to hedge risk against market 

movements stemming from economic 

releases or market events that occur at 

months’ ends in the same way the 

Quarterly Options Series Program has 

expanded the landscape of hedging for 

quarter-end news. Monthly Options 

Series will also complement Short Term 

Option Series, which allow investors to 

hedge risk against events that occur 

throughout a month. The Exchange 

believes the availability of additional 

expirations should create greater trading 

and hedging opportunities for investors, 

as well as provide investors with the 

ability to tailor their investment 

objectives more effectively. 

The Exchange notes the proposed 

terms of Monthly Options Series, 

including the limitation to five index 

option classes, are substantively the 

same as the current terms of Quarterly 

Options Series for ETF classes.21

Quarterly Options Series expire on the 

last business day of a calendar quarter, 

which is the last business day of every 

third month. The proposed Monthly 

Options Series would fill the gaps 

between Quarterly Options Series 

expirations by permitting series to 

expire on the last business day of every 

month, rather than every third month. 

The proposed Monthly Options Series 

may be listed in accordance with the 

same terms as Quarterly Options Series, 

including permissible strikes. As is the 

case with Quarterly Options Series, no 

Short Term Option Series may expire on 

the same day as a Monthly Options 

Series. Similarly, as proposed, no 

Monthly Options Series may expire on 

the same day as a Quarterly Options 

Series. The Exchange believes 

preventing listing series with concurrent 

expirations in a class will eliminate 

potential investors confusion and thus 

protect investors and the public interest. 

Given that the Exchange currently lists 

Quarterly Options Series in certain ETF 

classes pursuant to Options 4, Section 5, 

which expire at the close of business at 

the end of four calendar months (i.e., the 

end of each calendar quarter), the 

Exchange currently lists are essentially 

Monthly Options Series that can expire 

at the end of only certain calendar 

months, the Exchange believes it is 

reasonable to list Monthly Options 

Series in accordance with the same 

terms, as it will promote just and 

equitable principles of trade. The 

Exchange believes limiting Monthly 

Options Series to five classes will 

ensure the addition of these new series 

will have a negligible impact on the 

Exchange’s and OPRA’s quoting 

capacity. The Exchange represents it has 

the necessary systems capacity to 

support new options series that will 

result from the introduction of Monthly 

Options Series. 

The Exchange further believes the 

proposed rule change regarding the 

treatment of Monthly Options Series 

with respect to determining compliance 

with position and exercise limits is 

designed to prevent fraudulent and 

manipulative acts and practices and 

promote just and equitable principles of 

trade. Monthly Options Series will be 

aggregated with options overlying the 

same index for purposes of compliance 

with position (and exercise) limits, 

which is consistent with how position 

(and exercise) limits are currently 

imposed on series with other 

expirations (Short Term Option Series, 

and Quarterly Options Series).22

Therefore, options positions within 

index option classes for which Monthly 

Options Series are listed, regardless of 

their expirations, would continue to be 

subject to existing position (and 

exercise) limits. The Exchange believes 

this will address potential manipulative 

schemes and adverse market impacts 

surrounding the use of options. The 

Exchange also represents its current 

surveillance programs will apply to 

Monthly Options Series and will 

properly monitor trading in the 

proposed Monthly Options Series. The 

Exchange currently trades Quarterly 

Options Series in certain index classes, 

which expire at the close of business at 

the end of four calendar months (i.e., the 

end of each calendar quarter), and has 

not experienced any market disruptions 

nor issues with capacity. The 

Exchange’s surveillance programs 

currently in place to support and 

properly monitor trading in these 

Quarterly Options Series, as well as 

Short Term Option Series and standard 

expiration series, will apply to the 


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23See proposed Options 4A, Section 12(h)(2)(i). 

24See supra note 5. 25See Cboe Monthly Approval Order. 

26 15 U.S.C. 78s(b)(3)(A)(iii). 

27 17 CFR 240.19b–4(f)(6). 

28 15 U.S.C. 78s(b)(3)(A)(iii). 

29 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires a self-regulatory organization to 

give the Commission written notice of its intent to 

file the proposed rule change, along with a brief 

description and text of the proposed rule change, 

at least five business days prior to the date of filing 

of the proposed rule change, or such shorter time 

as designated by the Commission. The Exchange 

has satisfied this requirement. 

30 17 CFR 240.19b–4(f)(6). 

31 17 CFR 240.19b–4(f)(6)(iii). 

32See Cboe Monthly Approval Order, supra note 

5. 

proposed Monthly Options Series. The 

Exchange believes its surveillances 

continue to be designed to deter and 

detect violations of its Rules, including 

position and exercise limits and 

possible manipulative behavior, and 

these surveillances will apply to 

Monthly Options Series that the 

Exchange determines to list for trading. 

Ultimately, the Exchange does not 

believe the proposed rule change raises 

any unique regulatory concerns because 

existing safeguards—such as position 

and exercise limits (and the aggregation 

of options overlying the same index) 

and reporting requirements—would 

continue to apply. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange does not believe the proposed 

rule change to list Monthly Options 

Series will impose any burden on 

intramarket competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act, as any 

Monthly Options Series the Exchange 

lists for trading will be available in the 

same manner for all market participants 

who wish to trade such options. The 

Exchange notes the proposed terms of 

Monthly Options Series, including the 

limitation to list up to five options 

classes that are either index options or 

options on ETFs, are substantively the 

same as the current terms of Quarterly 

Options Series.23 Quarterly Options 

Series expire on the last business day of 

a calendar quarter, which is the last 

business day of every third month, 

making the concept of Monthly Options 

Series in a limited number of index 

options not novel. The proposed 

Monthly Options Series will fill the 

gaps between Quarterly Options Series 

expirations by permitting series to 

expire on the last business day of every 

month, rather than every third month. 

The proposed Monthly Options Series 

may be listed in accordance with the 

same terms as Quarterly Options Series, 

including permissible strikes.24

Monthly Options Series will trade on 

the Exchange in the same manner as 

other options in the same class. 

The Exchange does not believe the 

proposed rule change to list Monthly 

Options Series will impose any burden 

on intermarket competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act, as nothing 

prevents other options exchanges from 

proposing similar rules.25 As discussed 

above, the proposed rule change would 

permit listing Monthly Options Series in 

up to five options classes that are either 

index options or options on ETFs, as 

well as any other classes that other 

exchanges may list under similar 

programs. To the extent that the 

availability of Monthly Options Series 

makes the Exchange a more attractive 

marketplace to market participants at 

other exchanges, market participants are 

free to elect to become market 

participants on the Exchange. 

The Exchange believes that the 

proposed rule change may relieve any 

burden on, or otherwise promote, 

competition. Similar to Short Term 

Option Series and Quarterly Options 

Series, the Exchange believes the 

introduction of Monthly Options Series 

will not impose an undue burden on 

competition. The Exchange believes that 

it will, among other things, expand 

hedging tools available to market 

participants. The Exchange believes 

Monthly Options Series will allow 

market participants to purchase options 

based on their timing as needed and 

allow them to tailor their investment 

and hedging needs more effectively. 

The Exchange does not believe the 

proposed rule change regarding 

aggregation of positions for purposes of 

determining compliance with position 

(and exercise) limits will impose any 

burden on intramarket competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act, 

because it will apply in the same 

manner to all market participants. The 

Exchange proposes to apply position 

(and exercise) limits to Monthly Options 

Series in the same manner it applies 

position limits to series with other 

expirations (Short Term Option Series 

and Quarterly Options Series). 

Therefore, positions in options in a class 

of index options, regardless of their 

expirations, would continue to be 

subject to existing position (and 

exercise) limits. Additionally, the 

Exchange does not believe this proposed 

rule change will impose any burden on 

intermarket competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act, because it 

will address potential manipulative 

schemes and adverse market impacts 

surrounding the use of options. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The Exchange has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A)(iii) of the Act 26 and Rule 

19b–4(f)(6) thereunder.27 Because the 

foregoing proposed rule change does 

not: (i) significantly affect the protection 

of investors or the public interest; (ii) 

impose any significant burden on 

competition; and (iii) become operative 

for 30 days from the date on which it 

was filed, or such shorter time as the 

Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A)(iii) of the Act 28 and 

subparagraph (f)(6) of Rule 19b–4 

thereunder.29

A proposed rule change filed 

pursuant to Rule 19b–4(f)(6) under the 

Act 30 normally does not become 

operative for 30 days after the date of its 

filing. However, Rule 19b–4(f)(6)(iii) 31

permits the Commission to designate a 

shorter time if such action is consistent 

with the protection of investors and the 

public interest. The Exchange has 

requested that the Commission waive 

the 30-day operative delay so that the 

Exchange may list Monthly Options 

Series immediately, which the Exchange 

believes will benefit investors by 

promoting competition in Monthly 

Options Series. The Exchange notes that 

its proposal is substantively identical to 

the proposal submitted by Cboe 

Exchange, Inc. for its Monthly Options 

Series program.32 The Commission 

believes that the proposed rule change 

presents no novel issues and that waiver 

of the 30-day operative delay is 

consistent with the protection of 

investors and the public interest. 

Accordingly, the Commission hereby 

waives the operative delay and 


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86436 Federal Register / Vol. 88, No. 238 / Wednesday, December 13, 2023 / Notices 

33For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 34 17 CFR 200.30–3(a)(12), (59). 

designates the proposed rule change 

operative upon filing.33

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

should be approved or disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

BX–2023–032 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to file 

number SR–BX–2023–032. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (https://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to file number 

SR–BX–2023–032 and should be 

submitted on or before January 3, 2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.34

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–27260 Filed 12–12–23; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF STATE 

[Public Notice: 12285] 

Cultural Property Advisory Committee; 

Notice of Meeting 

SUMMARY: The Department of State 

announces the location, dates, times, 

and agenda for the next meeting of the 

Cultural Property Advisory Committee 

(‘‘the Committee’’). 

DATES: The Committee will meet from 

January 30 to February 1, 2024, from 

9:00 a.m. to 5:00 p.m. (EST). The public 

may participate in, or observe, the 

virtual open session on January 30, 

2024, from 2:00 p.m. to 3:00 p.m. (EST). 

More information below. 

ADDRESSES: The Committee will meet at 

2201 C Street NW, Washington, DC 

20520. The public will participate via 

videoconference. 

FOR FURTHER INFORMATION CONTACT: 

Allison Davis, Cultural Heritage Center, 

Bureau of Educational and Cultural 

Affairs (telephone: 771–204–4765; 

email: culprop@state.gov). 

SUPPLEMENTARY INFORMATION: The 

Assistant Secretary of State for 

Educational and Cultural Affairs calls a 

meeting of the Cultural Property 

Advisory Committee (‘‘the Committee’’) 

in accordance with the Convention on 

Cultural Property Implementation Act 

(19 U.S.C. 2601–2613) (‘‘the Act’’). A 

portion of this meeting will be closed to 

the public pursuant to 5 U.S.C. 

552b(c)(9)(B) and 19 U.S.C. 2605(h). 

Meeting Agenda: The Committee will 

review a request from the Government 

of the Republic of India seeking import 

restrictions on archaeological and 

ethnological materials and will review 

the proposed extension of an agreement 

with the Government of the People’s 

Democratic Republic of Algeria. In 

addition, the Committee will undertake 

a continuing review of the effectiveness 

of other cultural property agreements 

and emergency actions currently in 

force. 

The Open Session: The public can 

observe the virtual open session on 

January 30, 2024. Registered 

participants may provide oral comments 

for a maximum of five (5) minutes each. 

The Department provides specific 

instructions on how to observe or 

provide oral comments at the open 

session at https://eca.state.gov/ 

highlight/cultural-property-advisorycommittee-meeting-january-30-february1-2024. 

Oral Comments: Register to speak at 

the open session by sending an email 

with your name and organizational 

affiliation, as well as any requests for 

reasonable accommodation, to culprop@

state.gov by January 22, 2024. Written 

comments are not required to make an 

oral comment during the open session. 

Written Comments: The Committee 

will review written comments if 

received by 11:59 p.m. (EST) on January 

22, 2024. Written comments may be 

submitted in two ways, depending on 

whether they contain confidential 

information: 

b General Comments: For general 

comments, use http://

www.regulations.gov, enter the docket 

[DOS–2023–0040], and follow the 

prompts. 

b Confidential Comments: For 

comments that contain privileged or 

confidential information (within the 

meaning of 19 U.S.C. 2605(i)(1)), please 

email submissions to culprop@state.gov. 

Include ‘‘India’’ and/or ‘‘Algeria’’ in the 

subject line. 

b Disclaimer: The Cultural Heritage 

Center website contains additional 

information about each agenda item, 

including categories of archaeological 

and ethnological material that may be 

included in import restrictions: https:// 

eca.state.gov/highlight/culturalproperty-advisory-committee-meetingjanuary-30-february-1-2024. Comments 

should relate specifically to the 

determinations specified in the Act at 

19 U.S.C. 2602(a)(1). Written comments 

submitted via regulations.gov are not 

private and are posted at https://

www.regulations.gov. Because written 

comments cannot be edited to remove 

any personally identifying or contact 

information, we caution against 

including any such information in an 

electronic submission without 

appropriate permission to disclose that 


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